Indian Gem Exports Reach Five Year Low on US Tariffs
Indian jewellery exports fell to $27.72 billion as US shipments dropped 45 percent. Growth in other markets and new trade deals may support future recovery.
India has recorded its lowest gems and jewellery export figures in five years for the 2025/26 fiscal year, following a significant reduction in demand from its primary market. According to the Gem and Jewellery Export Promotion Council (GJEPC), total exports declined by 3.3% to $27.72 billion, down from $28.7 billion the previous year. This marks the lowest level since the 2020/21 period, when global trade was hampered by pandemic-related restrictions.
The downturn is largely attributed to a 45% drop in shipments to the United States, which totaled $5.09 billion. This decline followed the imposition of reciprocal tariffs by Washington, along with an additional 25% duty on Indian goods that disrupted trade flows for several months.
